You can buy a home in an Italian village for only $1 — here's how

Ollolai, an Italian village in Sardinia, is selling historic stone homes for roughly $1.

While the homes cost roughly $1, the fix-up costs for each house are expected to be around $25,000.

The deal is part of a long-term goal to restore historic buildings and populate shrinking small Italian towns.

An Italian village is selling some of its historic homes for only €1 — or about $1.20.

Ollolai, located in the region of Barbagia on Sardinia, has 200 stone houses that need new owners.

However, like most things that are too good to be true, there is a catch: Each of the homes available for €1 is in desperate need of repair. Whoever scoops up the dollar-menu houses must commit to refurbishment within three years, which is likely to cost about $25,000, according to CNN.

The town hopes that the sales will help preserve its fading history and even bring back its population, which shrunk from 2,250 people to 1,300 in the past 50 years.

Homes are going fast. Arbau said that three sales have already been finalized and he has received more than 100 requests from around the world.

The initiative is part of an Italian project called "Case a 1 euro," which includes properties across Sicily, Tuscany and Abruzzo. The "deal" is part of a long-term goal to revitalize crumbling historic buildings and reinvigorate shrinking populations in small Italian towns.

Those seeking more information on how to scoop up a $1 Italian home should contact the municipality of Ollolai. (Anyone moving forward should be warned that all the documentation is in Italian.)

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